Queen Elizabeth's private estate invested £10m in offshore funds
About £10m of the Queen's private money was invested offshore, BBC News reports, citing leaked documents.
The Duchy of Lancaster, which provides the Queen with an income, held funds in the Cayman Islands and Bermuda.
A small amount ended up in the company behind BrightHouse, a chain accused of irresponsible lending, and Threshers, which went bust owing £17.5m in UK tax.
The Duchy said the BrightHouse holding now equates to £3,208 and it was not involved in fund investment decisions.
It added it had been unaware the stores featured in the investments.
The chief finance officer of the £500m estate, Chris Adcock, told the BBC: "Our investment strategy is based on advice and recommendation from our investment consultants and appropriate asset allocation...
"The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants."
A spokesperson for the Duchy of Lancaster added: "We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate.
"The Queen voluntarily pays tax on any income she receives from the Duchy."
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